A couple of weeks ago, I shared a brief overview of a new rule the U.S. Department of Labor (DOL) recently finalized. While it’s certainly nothing to laugh about, comedian and host of “Last Week Tonight with John Oliver” the man himself, John Oliver, was able to make light of it. In fact, as of last check, a YouTube video of a segment of the show in which John Oliver spends 20 minutes “discussing” why the DOL established the new conflict of interest rule, has amassed over 4 million views.
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On a serious note though, the rule, which is also frequently referred to as the “fiduciary rule,” requires banks, wealth management firms, and insurance companies to establish new processes and procedures that ensure those who provide retirement investment advice put their clients’ best interests before their own.
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